Updates, advisories and surprises

(4:29 PM ET) SAN FRANCISCO (MarketWatch) -- Capital One Financial Corp.
COF, +0.39%
reported late Wednesday its first-quarter profit rose to $1.15 billion, or $1.96 a share, from $1.06 billion, or $1.77 a share, a year earlier. Revenue fell 3% to $5.37 billion from $5.55 billion. Analysts surveyed by FactSet had expected the company to earn $1.69 a share on $5.46 billion in revenue. The company's net interest margin for the quarter fell 11 basis points to 6.62%. The company said it reduced its provision for credit losses 23% to $735 million. Average depositis for the period rose $136 million to $205.8 billion. Capital One shares slipped 0.2% to $75 in after-hours trade.

IBM shares decline after revenue falls short

(4:18 PM ET) SAN FRANCISCO (MarketWatch) -- International Business Machines Corp.
IBM, +0.47%
shares declined in the extended session Wednesday after the company's revenue fell short of Wall Street expectations. Shares of IBM fell 2.4% to $191.75 on moderate volume. The tech bellwether reported first-quarter earnings of $2.38 billion, or $2.29 a share, compared with $3.03 billion, or $2.70 a share in the year ago period. Excluding one-time items, IBM would have reported earnings of $2.54 a share. Revenue declined to $22.48 billion from $23.41 billion in the year-ago period. Analysts surveyed by FactSet expected first-quarter earnings of $2.54 a share on revenue of $22.93 billion. IBM said it expects full-year adjusted earnings "at least" $18 a share. Analysts forecast earnings of $17.88 for the year.

Google profit rises, but results miss Street estimates; shares slide

(4:14 PM ET) SAN FRANCISCO (MarketWatch) - Google Inc.
GOOGL, +0.34%
on Wednesday reported a first-quarter profit of $3.45 billion, or $5.04 a share, compared with a profit of $3.35 billion, or $4.97 a share for the year-earlier period. Adjusted revenue, which excludes traffic acquisition costs, was $12.19 billion. Adjusted profit was $6.27 a share. Analysts polled by FactSet on average were expecting the company to report a profit of $6.36 a share, on revenue of $12.41 billion. Google's Class A
GOOGL, +0.34%
and Class C
GOOG, +0.42%
shares were each down more than 5%.

American Express shares fall on revenue miss

(4:14 PM ET) NEW YORK (MarketWatch) -- American Express Co.
AXP, +0.54%
said late Wednesday its first-quarter earnings rose from a year ago but revenue fell just short of Wall Street expectations, despite rising year-to-year. The firm reported quarterly earnings of $1.43 billion, or $1.33 a share, up from $1.28 million, or $1.15 cents a share, in the year ago period. Revenue increased to $8.19 billion from $7.88 billion in the year-ago period. Analysts polled by FactSet expected earnings of $1.30 a share on revenue of $8.35 billion. Shares declined 1% to $87.

Bank of America shares fall on Q1 earnings loss

(7:41 AM ET) NEW YORK (MarketWatch) -- Bank of America Corp.
BAC, +0.20%
reported Wednesday its first-quarter net loss of $276 million, or 5 cents per share, compared with $1.5 billion, or 10 cents per share, in the same period the year before. Total net revenue net of interest expenses, on an fully taxable-equivalent (FTE) basis, was $22.77 billion, down from $23.41 billion in the prior year. Revenue net of interest expense was $22.57 billion, down from $23.20 billion, a year earlier. The firm reported a pretax litigation expense of $6 billion, or approximately 40 cents per share after tax in the quarter. The litigation expense is related to a previously announced settlement with the Federal Housing Finance Agency (FHFA) and additional reserves primarily for previously disclosed legacy mortgage-related matters, said the firm. Analysts expected Bank of America to earn 5 cents share on revenue of $22.32 billion, according to a survey by FactSet. "The cost of resolving more of our mortgage issues hurt our earnings this quarter," said Chief Executive Officer Brian Moynihan. "But the earnings power of our business and customer strategy generated solid results and we continued to return excess capital to our shareholders." Shares fell 2% in premarket trading.

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